Market equilibrium Flashcards
1
Q
What is the demand curve
A
a graph that shows how demand and price are related
2
Q
What is supply
A
the quantity of a good or service that suppliers are willing and able to sell at a specific place during a certain time period
3
Q
What is law of supply
A
The higher the price the higher the supply. if demand stays the same, when supply increases its price drops
4
Q
A
